UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal.
Shares in the Swiss lender surged 10% in Zurich Tuesday after it posted net profit of $1.8 billion for the first three months of 2024 — a 71% increase from a year ago. Combined losses for the June-to-December 2023 period totaled almost $1.1 billion. CEO Sergio Ermotti said the latest performance was “a testament” to the strength of the bank and its “ability to deliver significant progress” on its integration plans.
Ermotti, who was brought back for a second stint as CEO to oversee the emergency takeover, has previously said that this year will be “pivotal” to the combination, which involves merging operations across more than 50 countries. On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter.
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